You have spent decades building a successful practice, ensuring you have a continuity plan for your business is essential. Are you equipped to help them through this process, including identifying a Continuity Partner?
How much do you know about developing a continuity plan and identifying a continuity partner? We’ve put together this Q&A to outline some of the critical elements of business planning that you should consider.
Answer: Business continuity planning (BCP) involves creating a system that will allow a business to continue functioning in the face of potential threats, such as death, illness, or if you become disabled. The purpose is to help protect personnel and assets, ensuring that everyone can quickly recover if disaster strikes. Most importantly, your clients will be in good hands.
Answer: A continuity partner should be capable of taking over a business in the event of the owner’s death, illness, disability, or unexpected departure. While a BCP focuses on an overall plan to keep the ship afloat, the continuity partner is someone who will be the captain. Even if your client lacks a formal BPC, they should still identify a continuity partner or team you select.
Answer: The ideal continuity partner should have the skills necessary to take over and run the business at a moment’s notice. The essential skills will be different for every business and industry. However, some overall qualities include proven success in the business or industry, good reputation within the community, strong interpersonal & communication skills, client relationship management, and individual/team leadership & development.
It takes great skill and experience to develop a continuity plan, especially when selecting a continuity partner. Fortis Lux Financial stands ready to work with you to help provide essential business support to serve you and your clients.
This information is for educational purposes only. This is not intended to provide and cannot be relied upon as, legal or tax advice. We suggest that you consult with your own legal and tax professional as part of this process. Any legal agreements entered into with other financial professionals are soley between you and those individuals.
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